关键词: 金融素养, 资产配置, 家庭金融

Abstract:   Using the data of China Household Financial Survey in 2017, the effect of financial literacy on household risk assets allocation is investigated from two aspects: primary financial literacy and advanced financial literacy. The primary financial literacy and the advanced financial literacy variables are constructed by factor analysis method, and then empirical research is made by constructing Probit and Tobit models. It is found that families with high financial literacy are more likely to participate in the financial market and increase their risky assets holding. After controlling endogeneity, the influence of primary financial literacy on household risk assets allocation is stronger than that of advanced financial literacy. The age of the householder, income level, social insurance and regional economic level can promote household risk assets investment, while householder risk aversion has the opposite effect. This paper believes that improving financial literacy of Chinese residents, especially primary financial literacy, is conducive to promoting the active and healthy development of the financial market and improving the financial well-being of residents. It is an indispensable link in the implementation of inclusive financial services.

Key words: financial literacy, assets allocation, family finance